常山药业发布重大担保进展公告，担保余额已超净资产——投资者需高度关注
核心要点概览
- 公司及子公司累计担保余额高达13.32亿元，占最近一期经审计净资产的110.63%，已超净资产。
- 对资产负债率超过70%的单位担保余额占净资产98.13%，担保风险极高。
- 新增2亿元担保，由全资子公司江苏子公司及凯库得分别对母公司提供连带责任保证。
- 2025年度净利润亏损2.88亿元，2026年一季度小幅盈利。
- 公司未出现逾期担保和诉讼等风险事件。
详细内容解读
一、担保事项概述
2026年5月19日，常山药业在2025年度股东大会上审议通过了为母公司融资提供大额担保的议案。江苏子公司获批担保额度不超过15.4亿元，凯库得获批额度不超过10.4亿元，有效期至2026年度股东大会。
二、担保进展及最新签约
2026年6月12日，江苏子公司与华夏银行石家庄正定支行签订《最高额保证合同》，为公司与该行签署的2亿元《最高额融资合同》提供连带责任保证。
同日，凯库得亦与华夏银行签订等额担保合同。这两项担保均在年度授权额度范围内执行，无需再次提交董事会或股东会审议。
三、被担保人基本情况
- 公司名称：河北常山生化药业股份有限公司
- 注册资本：9.19亿元
- 主要业务：药品生产及批发、保健食品生产与销售、进出口及技术服务
- 财务状况（截至2026年3月31日，未经审计）：
– 资产总额：43.68亿元
– 银行贷款：20.85亿元
– 负债总额：31.24亿元
– 净资产：12.43亿元
– 2025年全年净利润亏损2.88亿元，2026年Q1净利润611.91万元，业绩明显承压 - 非失信被执行人
四、担保协议主要条款
- 保证人：常山生化药业（江苏）有限公司及河北常山凯库得生物技术有限公司
- 债权人：华夏银行石家庄正定支行
- 担保范围：主债权本金、各类利息、逾期利息、罚息、复利、违约金、损害赔偿金、汇率损失及实现债权费用等
- 担保方式：连带责任保证
- 担保期间：三年，债权发生期为2026年6月9日至2027年6月8日
五、公司担保总额及风险提示
- 公司及子公司累计担保额度达28.7亿元，占最近一期净资产238.34%
- 实际担保余额13.32亿元，占净资产110.63%，已超净资产，财务杠杆极高
- 公司并无为合并报表外单位担保，也无逾期、诉讼及败诉损失相关担保
投资者重要提示与潜在股价影响
- 公司担保余额大幅超过净资产，表明公司财务风险显著上升，若被担保方无法偿还债务，公司将面临巨额损失。
- 2025年全年巨额亏损，尽管2026年Q1略有盈利，但整体盈利能力尚未根本扭转。
- 担保金额巨大且均为连带责任保证，意味着一旦母公司偿付困难，子公司需承担全部还款责任，风险集中释放可能影响公司整体信用及后续融资能力。
- 短期内公司流动性和偿债压力增大，若后续经营改善不及预期，存在股价大幅波动风险。
- 投资者需密切关注公司后续经营及担保履约进展，警惕由此带来的股价负面影响。
备查文件
《最高额保证合同》。
免责声明
本文仅为公开信息解读，不构成任何投资建议。投资者据此操作，风险自担。请密切关注公司后续公告及经营动态。
English Version
Changshan Pharma Issues Major Guarantee Progress Announcement: Guarantee Balance Exceeds Net Assets—Investors Must Pay Close Attention
Key Highlights
- The company and its subsidiaries’ total guarantee balance has reached RMB 1.332 billion, accounting for 110.63% of the latest audited net assets—already exceeding net assets.
- Guarantees for units with asset-liability ratios over 70% account for 98.13% of net assets, indicating extremely high guarantee risk.
- New RMB 200 million guarantees provided by wholly-owned subsidiaries (Jiangsu and Kaikude) for the parent company, both with joint and several liability.
- 2025 net profit loss: RMB 288 million; slight profit in Q1 2026.
- No overdue guarantees or litigation-related guarantee risks currently found.
Detailed Interpretation
1. Overview of the Guarantee
On May 19, 2026, Changshan Pharma’s 2025 annual shareholders’ meeting approved a proposal authorizing large guarantee amounts for the parent company’s financing. The Jiangsu subsidiary was approved for up to RMB 1.54 billion, and Kaikude up to RMB 1.04 billion, effective until the 2026 annual general meeting.
2. Progress and Latest Contracts
On June 12, 2026, the Jiangsu subsidiary signed a Maximum Guarantee Contract with Huaxia Bank Shijiazhuang Zhengding Branch, providing joint and several liability guarantee for a RMB 200 million financing contract of the parent company.
On the same day, Kaikude also signed an identical guarantee contract. Both guarantees are within the authorized annual quota and do not require further board or shareholder approval.
3. Guaranteed Party Profile
- Company Name: Hebei Changshan Biochemical Pharmaceutical Co., Ltd.
- Registered Capital: RMB 919 million
- Main Business: Pharmaceutical manufacturing and wholesale, health food production and sales, import/export, and technical services
- Financial Status (as of March 31, 2026, unaudited):
– Total assets: RMB 4.37 billion
– Bank loans: RMB 2.08 billion
– Total liabilities: RMB 3.12 billion
– Net assets: RMB 1.24 billion
– 2025 full-year net loss: RMB 288 million; Q1 2026 net profit: RMB 6.12 million—performance under pressure - Not listed as a “dishonest executor” (no credit default record)
4. Main Contract Terms
- Guarantors: Jiangsu subsidiary and Hebei Changshan Kaikude Biotechnology Co., Ltd.
- Creditor: Huaxia Bank Shijiazhuang Zhengding Branch
- Guarantee scope: Principal, all types of interest, overdue interest, penalty interest, compound interest, liquidated damages, compensation for damages, exchange rate losses, and all reasonable costs for realizing the creditor’s rights
- Guarantee method: Joint and several liability
- Guarantee period: Three years, from June 9, 2026 to June 8, 2027
5. Total Company Guarantees & Risk Alert
- Total guarantee quota: RMB 2.87 billion, 238.34% of latest net assets
- Actual guarantee balance: RMB 1.332 billion, 110.63% of net assets—already exceeds net assets, high financial leverage
- No guarantees provided for non-consolidated entities; no overdue, litigation, or loss-related guarantees currently exist
Investor Alert & Potential Share Price Impact
- Guarantee balance substantially exceeds net assets, signaling significant financial risk. If the guaranteed parties default, the company may face massive losses.
- Large 2025 loss; while Q1 2026 sees slight profit, earnings recovery is not yet solid.
- All guarantees are joint and several liability, meaning subsidiaries must fully assume debt if the parent defaults, posing potential systemic risk to the group.
- Short-term liquidity and repayment pressure is mounting; if operational improvements fall short, large share price volatility may ensue.
- Investors should closely monitor the company’s future operations and guarantee performance, and beware of negative impacts on share price.
Reference Document
“Maximum Guarantee Contract”.
Disclaimer
This article is an interpretation of public information and does not constitute any investment advice. Investors should act at their own risk and closely follow subsequent company announcements and business developments.
